Track how many active mutual funds hold defence stocks in India. Monthly data shows where institutional conviction across HAL, BEL, Cochin Shipyard, Mazagon Dock, Data Patterns, Zen Technologies, Solar Industries and others is rising or falling.
📅 Updated Sep 2026 · Index funds and ETFs excluded
| # | Stock Name | Jun | Jul % | Aug % | Sep % | Sep 2026 Funds | Overall % | AUM (₹ Cr) |
|---|---|---|---|---|---|---|---|---|
| 1 | Bharat Electronics LimitedAerospace & Defense | 200 | -7% | -3.2% | -0.6% | 179 | -10.5% | 20,678 |
| 2 | Hindustan Aeronautics LimitedAerospace & Defense | 130 | -8.5% | +1.7% | +3.3% | 125 | -3.8% | 12,849 |
| 3 | Solar Industries India LimitedChemicals & Petrochemicals | 107 | +1.9% | -6.4% | +5.9% | 108 | +0.9% | 14,736 |
| 4 | Bharat Forge LimitedAuto Components | 99 | -10.1% | -12.4% | +11.5% | 87 | -12.1% | 16,358 |
| 5 | MTAR Technologies LimitedAerospace & Defense | 52 | +11.5% | 0% | -5.2% | 55 | +5.8% | 4,912 |
| 6 | Data Patterns (India) LimitedAerospace & Defense | 38 | +7.9% | -9.8% | +10.8% | 41 | +7.9% | 2,196 |
| 7 | Bharat Dynamics LimitedAerospace & Defense | 44 | -11.4% | -12.8% | -2.9% | 33 | -25% | 1,795 |
| 8 | PTC Industries LimitedIndustrial Products | 23 | -13% | -10% | +38.9% | 25 | +8.7% | 2,138 |
| 9 | Cochin Shipyard LimitedIndustrial Manufacturing | 9 | +133.3% | +14.3% | -12.5% | 21 | +133.3% | 781 |
| 10 | Mazagon Dock Shipbuilders LimitedIndustrial Manufacturing | 19 | -10.5% | -11.8% | +6.7% | 16 | -15.8% | 545 |
| 11 | Ideaforge Technology LimitedAerospace & Defense | 4 | +250% | +7.1% | -6.7% | 14 | +250% | 387 |
| 12 | Astra Microwave Products LimitedAerospace & Defense | 13 | -7.7% | 0% | 0% | 12 | -7.7% | 2,056 |
| 13 | Dynamatic Technologies LtdIndustrial Manufacturing | 9 | 0% | -11.1% | +50% | 12 | +33.3% | 690 |
| 14 | Zen Technologies LimitedAerospace & Defense | 11 | 0% | 0% | 0% | 11 | 0% | 891 |
| 15 | Axiscades Technologies Ltd.Aerospace & Defense | 1 | 0% | 0% | +700% | 8 | +700% | 549 |
| 16 | Paras Defence & Space Technologies LtdAerospace & Defense | 6 | 0% | 0% | 0% | 6 | 0% | 246 |
| 17 | HBL Engineering LimitedIndustrial Products | — | — | — | — | 5 | — | 174 |
| 18 | Garden Reach Shipbuilders & Engineers LimitedAerospace & Defense | 8 | 0% | -25% | -33.3% | 4 | -50% | 202 |
| 19 | QUADRANT FUTURE TEK LIMITEDIndustrial Products | 2 | 0% | +50% | +33.3% | 4 | +100% | 82 |
| 20 | Rossell Techsys LtdN.A. | — | — | 0% | +33.3% | 4 | — | 291 |
| 21 | Centum Electronics Ltd.Aerospace & Defense | 3 | 0% | 0% | 0% | 3 | 0% | 417 |
| 22 | Mishra Dhatu Nigam LimitedAerospace & Defense | 2 | 0% | 0% | +50% | 3 | +50% | 407 |
| 23 | Swan Defence and Heavy Industries LtdN.A. | 3 | -33.3% | 0% | -50% | 1 | -66.7% | 39 |
| 24 | Rossell India LimitedN.A. | 1 | 0% | 0% | -100% | — | -100% | — |
Defence stocks in India include manufacturers of aircraft, warships, missiles, radar systems, ammunition, and electronic warfare equipment. The segment spans public sector giants like Hindustan Aeronautics and Bharat Electronics, shipbuilders Cochin Shipyard and Mazagon Dock, and private players like Solar Industries, Data Patterns, Zen Technologies, MTAR Technologies and Paras Defence. India defence modernisation push and rising indigenisation targets under the Make in India programme have made this one of the most closely tracked themes by fund managers.
Rising fund counts over four months signal growing institutional conviction in the defence theme. Cross-reference individual fund portfolios on our top stocks page or explore full holdings via the funds directory.
India defence budget has been rising consistently and the government has set ambitious targets for domestic procurement. The positive list of items that must be sourced domestically is expanding every year, directly benefiting companies like HAL, BEL, Mazagon Dock and Garden Reach. Private sector companies are winning larger contracts as the ecosystem matures. Export opportunities to friendly nations are also opening up. Fund managers see defence as a long structural theme with government-backed revenue visibility spanning decades.
For context on SEBI disclosure requirements, refer to AMFI India. For regulatory guidelines, visit SEBI India. Explore broader holding trends using our market cap categories page.
No — all counts exclude index funds, ETFs, and fund of funds. Only actively managed equity mutual funds are counted. Index funds mechanically hold stocks in proportion to index weight — their holdings do not reflect active manager conviction. By excluding them, fund counts here more accurately represent where professional stock pickers are actively building or reducing positions in India defence sector.
To explore individual fund portfolios, visit the funds directory or use the SIP calculator to plan investments in funds with high defence sector exposure. For a broader market view, see our AAUM data page.